With half of the nation currently in lockdown, the COVID-19 crisis has disrupted Australian businesses and consumers in an unprecedented way. Some employers are scrambling to keep their essential workers operational with minimal disruptions to their service. Other employers are assessing the viability of allowing their employees work from home long-term.
Whatever business you’re in, keeping payments and expenses streamlined, efficient and simple for your employees is a must-have during this time.
WHY improve expense management?
Expense management is a vital part of any business. From credit to debit cards, EFT to staff reimbursements, there are many alternatives of course, but prepaid cards are a great option when you need to set a budget, or when your employees incur regular expenses.
- Save time and money performing tedious expense reconciliation and reporting. Monitor all expenses across different teams and sites in real-time under one online card management portal.
- Removes the need for employees to pay out of pocket, even if they’ll be reimbursed at a later date.
- No more risky business sharing or handing out company credit cards, which can make expenses hard to track.
Read more as we discuss more in our blog of the three ways employers can leverage prepaid cards for their company.
For employees working from home
While business travel and company get-togethers are not on the cards for the time being, there are many types of expenses your employees may be incurring even when working from home.
For one thing, your usual business expenses still need to be paid for, especially if your role is in purchasing, supply chain, sales, marketing and accounts etc. However, social distancing poses the challenge of paying for expenses, as it is no longer practical to share company credit cards.
Prepaid cards are great for employees who are responsible for a budget and/or paying for ongoing and petty cash expenses. Instead of passing around credit cards (which is not safe practice), every employee will be in control of their own expenses. The company administrator will be able to control the budget for each team and employee, and track all card transactions.
For frontline, essential workers
If you are an essential business with employees on the field, now is the time to step up your game by looking for ways to improve your operational efficiency and make your employees’ lives easier.
Perhaps you are a restaurant owner with staff that are now doing delivery to customers. Or your staff are Aged Care workers offering in-home care services to vulnerable members of the community.
If you have workers who are working in the field and incurring expenses on the road, such as fuel, food and other supplies, then prepaid cards will eliminate the cumbersome process of reimbursing expenses. Some examples of industries include:
- Health & Aged Care
- Restaurants & Grocers offering delivery services
- Courier & logistics
- Retail Services
- Platforms for Gig Workers
- Construction & Trade
OUR PREPAID EXPENSE SOLUTION
Vasco Pay Visa Prepaid Cards, Card Management Hub and Mobile App are perfect for SMEs and Sole Traders looking for a three-in-one expense management solution. It’s designed to support the Finance team, managers and employees needing to pay and get paid quickly and securely.